Prime End of the Day Summary: View on Market Performance 23 June 2026

Nifty Slides Nearly 300 Points Amid Broad-Based Selling, Weak Global Cues Weigh

After yesterday’s pullback rally, Nifty resumed its corrective phase, declining 278 points to close at 23,824. The index opened 32 points lower and witnessed a brief early recovery; however, selling pressure intensified post 10:15 AM, tracking weakness in Asian markets and dragging the index towards the day’s low. From the intraday high of 24,135, Nifty dropped nearly 350 points to touch 23,784. NSE cash market volumes were higher by 11% compared to the previous session.

Among index heavyweights, Cipla, Power Grid, and Dr. Reddy’s Laboratories led the gains, while IT majors Infosys, Wipro, and TCS emerged as the key laggards. On the sectoral front, Nifty Pharma and Healthcare were the only gainers, while all other indices closed in the red. Metals, IT, and PSU Banks led the declines, reflecting broad-based selling pressure.

Broader markets snapped their seven-day winning streak, with the Nifty Midcap 100 and Nifty Smallcap 100 declining 1.05% and 0.48%, respectively. Market breadth weakened sharply, with the BSE advance-decline ratio falling to 0.53, the lowest since June 11.

The rupee depreciated by 5 paise to close at 94.73, weighed down by strong corporate dollar demand, weak regional currencies, and prevailing risk-off sentiment. However, it outperformed its Asian peers, supported by capital inflows driven by recent government and RBI measures, along with month-end rebalancing.

Following the failed attempt to breach the key resistance level of 24,190 in the previous session, the index extended its decline and slipped below the immediate swing low of 23,901, reinforcing near-term weakness.

On the technical front, Nifty closed near its 50 DEMA at 23,825, indicating a crucial support test. The index has reached the gap zone of 23,645–23,817 formed on June 15, 2026. Despite the sharp intraday fall, it has managed to hold above the 200 EMA, currently placed near 23,750.

Key retracement levels of the prior up move from 23,070 to 24,189 are placed at 23,761 (38.2%) and 23,630 (50%), aligning with the 200 EMA and the gap support zone, thereby strengthening this support cluster. A decisive break below 23,630 could accelerate the decline towards the 61.8% retracement level near 23,500.

On the upside, the 23,900–24,000 zone is likely to act as an immediate resistance band.